Banks
Statistical Area - sa2

Banks is positioned among the lower quartile of areas assessed nationally for population growth based on AreaSearch's assessment of recent, and medium term trends

Banks' population, as per AreaSearch's analysis, was approximately 5,010 as of August 2025. This marked a decrease of 90 people from the 2021 Census figure of 5,100, reflecting a 1.8% decline. The change was inferred from ABS' estimated resident population of 5,008 in June 2024 and two validated new addresses since the Census date. This resulted in a population density ratio of 2,226 persons per square kilometer, higher than the average across national locations assessed by AreaSearch. While Banks saw a 1.8% decline from the Census, the SA3 area experienced a 0.2% growth, indicating divergent population trends. Natural growth contributed approximately 82.2% of overall population gains during recent periods.

AreaSearch adopted ABS/Geoscience Australia projections for each SA2 area, released in 2024 with 2022 as the base year. For areas not covered by this data and years post-2032, age group growth rates from ACT Government's SA2 area projections were used, also based on 2022. Projected demographic shifts indicate an overall population decline over time. By 2041, Banks' population is expected to decrease by 265 persons according to this methodology. However, specific age cohorts are anticipated to grow, notably the 65 to 74 age group, which is projected to increase by 73 people.

The level of residential development activity in Banks is very low in comparison to the average area assessed nationally by AreaSearch

Banks has averaged approximately one new dwelling approval per year. The Australian Bureau of Statistics produces development approval data on a financial year basis. Over the past five financial years, from FY21 to FY25, there were six home approvals in total, with none recorded so far in FY26.

During this period, population has decreased, but development activity has been adequate relative to the declining population, which is positive for buyers. The average expected construction cost value of new properties is $900,000, indicating that developers are focusing on the premium market with high-end developments. Compared to the Australian Capital Territory, Banks shows substantially reduced construction, 90.0% below the regional average per person. This limited new supply generally supports stronger demand and values for established homes in the area. The current level of development is also below the national average, reflecting the maturity of the area and possible planning constraints.

Recent building activity consists entirely of standalone homes, maintaining Banks' traditional suburban character with a focus on family homes appealing to those seeking space. Interestingly, developers are building more traditional houses than the current mix suggests, with 79.0% at Census, indicating continued strong demand for family homes. The location has approximately 5017 people per dwelling approval, demonstrating an established market. With population expected to remain stable or decline, Banks should see reduced pressure on housing, potentially creating opportunities for buyers.

Banks has moderate levels of nearby infrastructure activity, ranking in the top 50% nationally

Changes in local infrastructure can significantly affect an area's performance. AreaSearch has identified 0 projects that could impact this region. Notable projects include Monaro Highway Safety Upgrades, Big Canberra Battery (Williamsdale BESS), Canberra Hospital Master Plan, and Queanbeyan Regional Integrated Transport Plan. Projects of particular relevance are listed below.

Professional plan users can use the search below to filter and access additional projects.

Banks has seen below average employment performance when compared to national benchmarks

Banks' skilled workforce includes well-represented essential services sectors with an unemployment rate of 4.0% and estimated employment growth of 1.2% over the past year. As of June 2025, there are 3,090 residents employed while the unemployment rate is 0.6% higher than the Australian Capital Territory's (ACT) rate of 3.4%.

Workforce participation in Banks stands at 77.2%, exceeding ACT's 69.6%. The dominant employment sectors among residents include public administration & safety, health care & social assistance, and construction. Construction employment share is particularly high, at 1.5 times the regional level. Conversely, professional & technical services employ only 6.4% of local workers compared to ACT's 11.1%.

The area appears to offer limited local employment opportunities as Census data suggests fewer workers than residents. Over the year to June 2025, Banks' employment increased by 1.2%, while labour force rose by 1.6%, causing unemployment to rise by 0.3 percentage points. In contrast, ACT experienced employment growth of 1.9% and a slight drop in unemployment rate. State-level data to Sep-25 shows ACT's employment contracted by 0.33% (losing 1,480 jobs) with an unemployment rate of 4.2%, compared to the national rate of 4.5%. National employment forecasts from May 2025 suggest growth of 6.6% over five years and 13.7% over ten years. Applying these projections to Banks' employment mix indicates potential local growth of approximately 6.1%% over five years and 12.6% over ten years, though this is a simplified extrapolation for illustrative purposes only.

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

According to AreaSearch's aggregation of latest postcode level ATO data released on June 30, 2022, Banks had a median income among taxpayers of $68,593 with the average level standing at $75,485. This is above national averages of $68,678 and $83,634 respectively for Australian Capital Territory. Based on Wage Price Index growth of 10.78% since June 2022, current estimates would be approximately $75,987 (median) and $83,622 (average) as of March 2025. Census 2021 income data shows household, family and personal incomes in Banks rank highly nationally, between the 88th and 89th percentiles. The dominant income bracket is $1,500 - 2,999 with 37.0% of residents (1,853 people), similar to the broader area at 34.3%. High earners above $3,000/week make up a substantial proportion of residents in Banks. Housing accounts for 14.6% of income and strong earnings rank residents within the 89th percentile for disposable income. The area's SEIFA income ranking places it in the 6th decile.

Banks is characterized by a predominantly suburban housing profile, with ownership patterns similar to the broader region

Dwelling structure in Banks, as evaluated at the latest Census, comprised 79.1% houses and 21.0% other dwellings. In comparison, Australian Capital Territory had 79.6% houses and 20.4% other dwellings. Home ownership in Banks was 21.9%, with mortgaged dwellings at 60.0% and rented dwellings at 18.1%. The median monthly mortgage repayment in Banks was $2,000, aligning with the Australian Capital Territory average. The median weekly rent figure in Banks was $424, compared to $425 in Australian Capital Territory. Nationally, Banks' mortgage repayments were higher than the Australian average of $1,863, and rents were substantially above the national figure of $375.

Banks features high concentrations of family households, with a higher-than-average median household size

Family households comprise 78.8% of all households, including 41.0% couples with children, 23.4% couples without children, and 14.1% single parent families. Non-family households make up the remaining 21.2%, with lone person households at 19.8% and group households comprising 1.4%. The median household size is 2.8 people, larger than the Australian Capital Territory average of 2.6.

The educational profile of Banks exceeds national averages, with above-average qualification levels and academic performance metrics

The area has university qualification rates of 22.9%, significantly lower than the SA4 region average of 46.8%. Bachelor degrees are most common at 15.3%, followed by postgraduate qualifications (4.5%) and graduate diplomas (3.1%). Vocational credentials are prevalent, with 38.8% of residents aged 15+ holding them, including advanced diplomas (12.3%) and certificates (26.5%). Educational participation is high at 30.5%, comprising primary education (10.8%), secondary education (8.8%), and tertiary education (3.6%).

Educational facilities are primarily located outside the immediate catchment boundaries, necessitating families to access schools in neighboring areas.

Transport servicing is moderate compared to other areas nationally based on assessment of service frequency, route connectivity and accessibility

The analysis of public transport in Banks reveals that there are 28 active transport stops currently operating. These stops service a mix of bus routes, with four individual routes running through the area. Collectively, these routes provide a total of 391 weekly passenger trips.

The accessibility of transport is rated as excellent, with residents typically located approximately 151 meters away from their nearest transport stop. On average, across all routes, there are 55 trips per day, which equates to around 13 weekly trips per individual stop.

Banks's residents are relatively healthy in comparison to broader Australia with the level of common health conditions among the general population somewhat typical, though higher than the nation's average among older cohorts

Banks's health metrics are close to national benchmarks, with common health conditions among its residents somewhat typical of the general population but higher than the national average among older cohorts.

Approximately 57% (~2,860 people) of Banks's total population has private health cover, a rate significantly higher than the national average. The most prevalent medical conditions in the area are mental health issues and asthma, affecting 10.3 and 8.7% of residents respectively. Notably, 68.7% of residents declare themselves completely clear of medical ailments, compared to 66.1% across Australian Capital Territory. Banks has a lower proportion of seniors aged 65 and over (10.8%, or 540 people) than the Australian Capital Territory average of 17.6%. Health outcomes among seniors in Banks require more attention than those of the broader population.

The level of cultural diversity witnessed in Banks was found to be above average when compared nationally for a number of language and cultural background related metrics

Banks had a higher than average cultural diversity, with 18.6% of its population born overseas and 15.3% speaking a language other than English at home. Christianity was the predominant religion in Banks, making up 45.9% of people. However, Judaism was overrepresented at 0.2%, compared to 0.1% across Australian Capital Territory.

The top three ancestry groups were Australian (28.0%), English (26.1%), and Other (9.6%). Notably, Spanish (1.1% vs regional 0.7%), Polish (1.1% vs 0.8%), and Croatian (1.1% vs 0.8%) ethnicities were overrepresented in Banks.

Banks's population is younger than the national pattern

The median age in Banks is 35 years, matching the Australian Capital Territory figure but slightly lower than Australia's 38 years. Compared to the Australian Capital Territory, Banks has a higher proportion of residents aged 45-54 (14.2%) but fewer residents aged 25-34 (14.4%). Between the 2016 and 2021 censuses, the 65-74 age group in Banks grew from 5.3% to 6.7% of the population. Conversely, the 5-14 age group declined from 15.0% to 13.8%, and the 45-54 age group decreased from 15.2% to 14.2%. By 2041, Banks' population is forecasted to undergo significant demographic changes. The 65-74 cohort is projected to grow by 17%, adding 57 residents to reach 391. This growth will be driven entirely by residents aged 65 and older. Meanwhile, the 55-64 and 45-54 cohorts are expected to experience population declines.